The desk, set up by ABN Amro Futures and ABN Amro's local subsidiary Banco Real, will trade sugar derivatives. It will also provide execution and advice about sugar futures and options for local clients.

ABN Amro's global head of soft commodities, Jean-Michel Boehm, said the bank planned to expand into coffee derivatives "in the near term", with grains and metals to be added later in the year.

The desk will consist of two traders. Leandro de Menezes Martignon has moved from Banco Real, and Roberto Perondi Filho has joined the bank from Brazilian sugar trader Sucden do Brasil, where he was responsible for managing Brazilian futures and options pricing.

A quant at Citi has revived debate about the changing nature of the profession (www.risk.net/2417747). The scope is narrower, he claims; the job has been dumbed down, and today's quants are little more than programmers. Is he right?